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Dear Mr & Mrs. Seller: We Love Your Home But…

seller

Why Buyers (and Realtors) Love REOs

Let’s face it, there are a lot of homes for sale right now.  It seems you can’t drive down the street in most neighborhoods without seeing a For Sale sign.  In Woodinville, WA the city that I live, there are 229 homes for sale (208 homes, 21 condos).  Of those homes available, 12 are bank owned properties (5% of the market).  Contrast that with the number of homes currently under contract (99 homes PENDing), of which 18 are bank owned.

Why do REOs sell quicker than other homes? If you ask the general public, they would answer “Because they sell for less than market value!” My answer would be “Because they are priced appropriately for the market, based on the current conditions”.  If you read my answer carefully, you’ll notice that there are distinct differences between the two statements, but those differences can dictate whether you stay or go. Read the rest of this entry »

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Five Tips For Short Sale Buyers

Whispering Woman

Here are some great warnings to heed if you’re considering a purchase of a short sale home. My favorite of the 5 tips is the last one.  Check it out HERE.

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Would You Buy a House From This Man?

Me!

I met with a client family this afternoon, and their little girl drew a picture of me. She put a smile on my face both in the picture and in real life.

Thanks Samira!

Title Insurance? What The Heck Is It?

Title Policy

I’ve help a lot of buyers find their dream homes.  I’ve witnessed so many signing appointments (where buyers sign their final loan documents) and seen so many HUD statements that I could explain them in my sleep.  One section on the HUD that most buyers have questions about is the title section (1100).  The most frequently asked question is: What Is It? Read the rest of this entry »

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Short Sale Advisory – Read This First!

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If you are in a situation where you must sell your home for less that what is owed, you may fall into the category of a “short sale”.  If so, it is imperative that you read this advisory written by the Washington State Department of Financial Institutions. This important document defines the term “short sale” and provides guidance to help sellers navigate through the process.  You can download this document HERE.

Additional information and links to other governmental documents can be found HERE.

Be smart. Know your options.

When REALiTY BiTES, bite back!

Should I Pay Down My Mortgage?

Questions?

Q & A

Today’s Question comes from a client whom I’ve helped several times over the years.  I think he was one of my first 5 clients back when I first began in real estate.

Q: I own a home that is currently worth less than what I owe on it.  I would like to refinance, but in order to do so, I’d have to pay down my mortgage enough that the bank would consider a refinance.  Is it worth doing?

A: I have two answers to this question, and the answers depend on the type of loan, and the LTV.

Read the rest of this entry »

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Barely Hanging On?

Help!

I met with a potential client yesterday who had asked me to come out and provide her with some insights on selling her Bothell, WA condo.  She would like to sell it and purchase a single family home.  The only problem? She’s upside down on the mortgage.

This is a common problem throughout the country, and especially within her condo complex. I wrote about another condo complex in Lynnwood, WA a little while back that had the same issue (you can read that post HERE).  In the Bothell complex, there are 5 units for sale.  Two are bank owned, two are short sales, and one is a fair market value sale.  The distressed sales (Bank owned and SS) are priced well below what the values were when originally purchased.  The lone fair market sale is beautiful inside, but will have a difficult time competing since it is priced over $100,000 more than the other units in the same complex. Read the rest of this entry »

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Kids Are So Intuitive!

Shoe Sign

While showing homes this past week, my clients’ little girl (8 years old) spotted this notice and said “Why do we only take off one shoe?” I didn’t have a good answer for her.

A $5 Starbucks card for the funniest response…

Would you buy this house?

Ugly Home

But He’s Got A Great Personality!

Just when I thought I had run eHarmony parallels into the ground, up pops another great article!  This most recent eHarmony article spotlighted a user’s dilemma about dating a man who met all of her criteria except one.  He was the perfect man for her but for the fact that she wasn’t physically attracted to him.  She asked if she was being shallow by placing so much emphasis on physical appearances. Read the rest of this entry »

Foreclosure Fairness Act of 2011

gavel

If you’re in danger of losing your home to eminent foreclosure, Governor Gregoire just signed into law the above foreclosure act in the hopes of helping distressed homeowners keep their homes. The new law provides an opportunity for the homeowner to meet with their lender in mediation to discuss options and possible ways to prevent the foreclosure.

Foreclosures are often a lose-lose situation, and while our government has tried unsuccessfully in the past to help homeowners (HAMP comes to mind), I applaud the efforts.  Only time will tell how successful this new law ends up being.

You can read about the new law HERE.